In 2023, there were approximately 1,002,000 self-employed people in the Wholesale, Retail, and Repair of Motor Vehicles and Motorcycles sector in the US. The forecast for 2024 shows a decline to 996,000, continuing to decrease yearly until 2028, where it reaches 974,000. This shows an overall decreasing trend with an estimated CAGR of -0.56% over the five-year period. Year-on-year declines are moderate at around -0.60% between 2024 to 2028.
Future trends to watch for:
- Technological advancements driving shifts towards more automated repair and retail processes.
- Potential economic changes impacting consumer behavior and vehicle sales.
- Regulatory changes in the automotive sector that may affect self-employment opportunities.
